Collecting data is no longer enough
The amount of data that companies collect and analyze today in order to make better decisions is constantly growing. Especially in the field of data analysis, predictive analytics plays one of the most important and interesting roles in the strategic decision-making environment of many companies. Using the right analytic methods today enables executives to make better and more informed decisions, better assess and reduce risk, and better predict future trends. This also increases the way in which customer loyalty can be improved and made more effective today.
Artificial intelligence takes leadership in data analysis
Some companies don’t even know what treasures they can find in their collected data today. According to studies, only 6% of companies today use effective methods to gain knowledge from this data and information. In addition, more and more unstructured data, especially via content and social media channels, play a decisive role when it comes to identifying trends and market potentials at an early stage. However, the elite of companies is already thinking ahead. With AI-supported methods (mostly IBM Watson), cognitive analyses are carried out today and take these companies to a new level of analysis.
Companies invest in data analysis
Cognitive analyses, in particular, can reduce the amount of data collected. IBM, Google and other major players in the market for data collectors have recognized that not BigData but Smart Data will be the key to success in order to gain knowledge and generate competitive advantages in the future from transaction data, information, news, CRM and ERP data and usage data using the above methods. Business intelligence and cognitive AI-supported analysis play a particularly important role in this.
Companies Investing Billions in Data Analysis
Ideally, this knowledge will then also be used for the entire digital communication and its control. However, this also presupposes that one thinks more deeply about one’s own information and data structure. Today’s powerful analysis algorithms only offer added value if data analysis, data interpretation and data presentation are adapted to the requirements of companies. It is therefore surprising that companies worldwide will spend around 72 billion euros in 2019 to use their data analyses and information infrastructures more effectively and meaningfully.